Posted by kkdmiddleton on 3/30/06 8:50am
Msg #109694

Hey Traci/MD

Who did you get your E&O adn your Fidelity bond insurance from? I'm having a hard time finding some.

Reply by Traci/MD on 3/30/06 10:37am
Msg #109745

I did't need a fidelity bond. I will get you the company info. when I get back to my home office. Today I will be working out Salisbury. I have a 100K E&O....1 million dollar E&O For the other lines of insurance license.

Reply by kkdmiddleton on 3/30/06 11:02am
Msg #109755

Thanks Traci. I actually don't need it here in WV, but

I'm commissioned in all three states, so I want to be sure I have the correct amount.

Reply by Traci/MD on 3/30/06 11:05am
Msg #109758

Re: Do you need a surety bond? n/m

Reply by kkdmiddleton on 3/30/06 11:09am
Msg #109759

Not sure about WV. I know you are suppose to in VA and MD

but from what I just learned, you can have that waived in MD if you don't have any employees.

Reply by Traci/MD on 3/30/06 11:23am
Msg #109763

Re: Not sure about WV. I know you are suppose to in VA and MD

You must have 100k Surety bond. Fieldety bond is if you have employees.

Reply by BP/WV on 3/30/06 12:29pm
Msg #109779

Not required in WV but is suggested by attorneys. n/m

Reply by Genkichan on 3/30/06 11:29am
Msg #109764

Kim,

You need a $100,000 surety bond with your MD TPL and I highly recommend the $250,000 E&O coverage. The bond protects the public, not you, and opens the doors for your own financial disaster if the bond ever pays out for you, and the bond holder comes after you for their money to be paid back. The insurance is expensive, but I think the piece of mind is worth it if you are crossing into MD to do signings.

Google Chesapeake Insurance in Annapolis, MD for their contact info. They've got the low down on it all, and the best prices I've been able to find. The bond runs about $525 for two years, and this year my insurance premium went up to around $660 for one year. Remember, you have to have $100,000 in personal assets to qualify for the bond (and TPL for that matter -- by default). That could be in your home equity, retirement accounts, savings, etc. But, no proof of assets and you are not likely to be approved for the bond (or it may cost you a fortune to get it).

Good luck!

Vicki

Reply by JD/MD on 3/30/06 11:32am
Msg #109767

Better have good credit too.

Reply by kkdmiddleton on 3/30/06 12:27pm
Msg #109778

Just checked, all I need is the surety bond, but it looks

like I may be paying thru the nose on this one.

Reply by Traci/MD on 3/30/06 12:49pm
Msg #109789

Re: Not cheap to work in Maryland! n/m

Reply by kkdmiddleton on 3/30/06 12:58pm
Msg #109791

I'm begining to see that, but I just keep telling myself,

It'll be worth it in the end HA! lol